Annual Report 2017 and Sustainability Report
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Annual Report 2017 and Sustainability Report “We build Sweden as a nation of knowledge” Contents Our mission 1 President and Chair of the Board 2 Value creation 5 Focus areas 6 Stakeholders 8 Akademiska Hus: Sweden’s leading builder Materiality analysis 9 Strategy 11 Objectives and objective achievement 12 of sustainable learning environments Employees 14 Case 15 Description of business 21 Akademiska Hus owns, develops and manages Campus and business development 23 properties with a focus on higher education and Projects 24 Property Management 29 research. We are wholly owned by the Swedish state. Market 32 Our property portfolio is worth SEK 80 billion and our share of premises for higher education and research ADMINISTRATION REPORT Trends 34 is approximately 60 per cent in this segment. Customers and contracts 35 Five-year summary 37 Property valuation 38 Financing 39 RESEARCHERS AND STUDENTS SQUARE METRES IN OUR PREMISES EACH DAY RENTABLE SPACE Risk and risk management 42 Corporate Governance Report 46 Board of Directors 49 Executive Management 51 Board of Directors’ Internal Control Report 53 Other information 54 300THOUSAND 3.3MILLION Allocation of unappropriated earnings 55 FINANCIAL STATEMENTS AND NOTES Income Statements 56 Balance Sheets 60 TOTAL PROPERTY PORTFOLIO PROJECT PORTFOLIO Changes in Equity 64 Statements of Cash Flows 66 Notes 68 Signing of the Annual Report 96 Auditor’s Report 97 80SEK BILLION 16.7SEK BILLION SUSTAINABILITY REPORT About the Sustainability Report/GRI data 102 GRI and COP index 104 Assurance Statement 106 KEY FIGURES 107 DEFINITIONS 108 FIVE-YEAR SUMMARY 2017 2016 2015 2014 2013 INFORMATION AND ADDRESSES 108 INCOME STATEMENT, SEK M Property management income 5,806 5,666 5,646 5,681 5,588 Net operating income 3,829 3,667 3,740 3,717 3,506 Change in value, properties 4,979 3,682 2,655 3,529 232 Change in value, financial instruments –242 –241 165 –548 7 PROPERTY SPECIFICATION Profit before tax 8,311 6,714 6,141 6,261 3,275 Available at: Profit for the year 6,453 5,148 4,780 5,215 2,568 akademiskahus.se KEY FIGURES Return on operating capital, % 5.9 6.2 6.9 7.3 7.2 Yield, % 5.5 5.7 6.4 6.9 6.8 Net operating income ratio, % 66 65 66 65 63 Annual Report 2017 Equity ratio, % 43.3 41.4 40.7 48.0 46.8 The audited Annual Report comprises pages 34–95. Our sustainability initiatives are incorporated in the Annual Report and presented in line with GRI G4 guidelines. The Sustainability Report comprises the pages listed on page 102 and has undergone a cursory audit. The Sustainability Report also includes Akademiska Hus’ statutory sustaina- bility report in accordance with Chapter 6 of the Swedish Annual Accounts Act. Akademiska Hus: Sweden’s leading builder of sustainable learning environments Greater social accountability Accelerating digital journey It is important to work with social responsibility in order to We are in the middle of a transformation process regarding contribute to positive social developments and create value for development of our business model, our deliverables and our customers. Consequently, we focus on expanding our social our internal processes. We are already working with several sustainability initiatives in areas such as campus development, fascinating projects that clearly focus on digitisation. One influence within our value chain, and employee culture and example is A Working Lab, an innovation arena on the empowerment. Chalmers campus in Gothenburg. Long-term contracts with High credit rating – creditworthy customers form a requirement for financing our base investments Colleges and universities, which are essentially government We have a substantial investment portfolio. Cash flow from our agencies, are the source of 90 per cent of our revenue. Long-term operating activities is robust, but the debt portfolio will continue contracts and a high leasing level with customers who have the to be substantial. We strive to achieve relevant and transparent highest credit rating create stability. They also create investment disclosure to enable lenders and credit rating agencies to find opportunities so that we can continuously improve our offering. support when they conduct a credit background check on Akademiska Hus. DISTRIBUTION PREMISES BY CATEGORY, % TENANT CATEGORIES, % Classrooms and lecture halls, 45% Colleges and universities, 87% Laboratories, 35% Chalmersfastigheter AB, 3% Offices, 14% Publicly financed operations, 4% Other facilities, 6% Other, 6% NET OPERATING INCOME FAIR VALUE BY CITY, % SEK m% 4,000 80 Stockholm, 45% 3,000 60 Uppsala, 18% Gothenburg, 9% 2,000 40 Lund, 8% Umeå, 5% 1,000 20 Linköping, 4% Other, 11% 0 0 13 14 15 16 17 Net operating income, SEK m Net operating income ratio, % Akademiska Hus 2017 Important projects underway We have a large project portfolio with many planned and ongoing projects. One of the most important construc- tion starts in 2017 was A Working Lab, an innovation arena for participants in the built environment at the Johanneberg Campus of Chalmers University of Technol- ogy in Gothenburg. In December, the Board of Directors decided to invest about SEK 1.2 billion in an expansion of the Ångström Laboratory in Uppsala. The industry organisation “Håll Nollan” was formed Student accommodation in One of Akademiska Hus’ sustainability goals is to promote an accident-free workplace. An important step in this ini- collaboration and on our own tiative was taken during the year when the Håll Nollan Good access to student accommodation makes the cen- industry organisation became reality. We believe that tres of education more attractive. In our campus plans we collaboration among industry participants is the only always study the need and opportunities for undergradu- path forward to achieve truly safe workplaces. We there- ate and graduate student housing. In 2017 we analysed fore look forward to sharing our knowledge and learning our property holdings and identified land where student from the experiences of others within the Håll Nollan housing could be built in a number of locations all over framework. Read more about Håll Nollan on page 15. Sweden. Our focus over the next few years will continue to be based on our mission to promote construction of as many student housing units as possible. Read more about Humanities Theatre in Uppsala our work with student accommodation on page 17. The sun gives us energy Part of our energy strategy is aimed at increasing the quantity of renewable energy. In 2017 we equipped Naturvetarhuset on the Umeå Campus with an 800-square- metre solar park that produces 120,000 kWh annually. It generates solar energy that provides 20 per cent of the building’s total energy needs for operation. Campus Valla in Linköping has also been equipped with three new solar parks. Read more about our energy initiatives on page 30. Transfer of major Gender equality in the industry In March 2017 Akademiska Hus initiated a collaboration construction projects with the AllBright foundation. We work proactively with Several major construction projects were completed three other property companies to encourage greater during the year and tenants moved in. Some examples gender equality within the industry. To accomplish this include the administration offices in the Segerstedt objective, gender equality will be analysed in-house and Building in Uppsala, the renovated Built Environment all employees will receive training to ensure that they building in Gothenburg, and the Humanities Theatre in understand the company’s core values and thereby be Uppsala, as shown on the cover. Read more about the able to contribute to a good corporate culture. Humanities Theatre on page 20. Vision Values Leading knowledge environments. ATTENTIVE Attentiveness and mutual understanding are essential for building strong, long-term relation- ships. COMMITTED Business concept Wholeheartedness and commitment are Working in collaboration with our customers, we reflected in everything we do. develop, build and manage knowledge environments that further Sweden’s success as a nation of knowl- VALUE CREATION edge. Through our experience, expertise and size, Together we take overall responsibility for build- we provide effective, sustainable environments for ing lasting success for customers, the owner and education, research and innovation. each other. OUR MISSION – to contribute to strengthening Sweden as a nation of knowledge “Akademiska Hus Aktiebolag shall own, develop and manage properties for universities and colleges where the primary focus is on education and research and it shall carry on operations compatible therewith. Operations shall be run on a commercial basis and generate a yield that is in line with the market by setting rents that take into account the operating risk. Akademiska Hus Aktiebolag shall work to bring about long-term sustainable development of university and college campuses.” “Akademiska Hus shall contribute to the creation of more student accommodation by making clear that the Company’s focus includes the construction and management of student accommodation.” AKADEMISKA HUS’ MISSION IS DECIDED BY THE RIKSDAG 2 STATEMENT FROM THE PRESIDENT AND CHAIR OF THE BOARD We shall be the customers’ first choice With new clear goals and the new organisation, Akademiska Hus shall always be the customers’ first choice, able to stand strong in a comparison with the very best participants in the industry with respect to efficiency and customer experience, according to Board chair Anitra Steen and President Kerstin Lindberg Göransson in a conversation about the events of the past year. A new organisation became effective on 1 January 2017 outstanding experiences that we can later benefit from in other pro- and during the year it was time for the new organisation jects around the country. to begin to deliver results. How has that gone? AS: For obvious reasons, each university and college focuses on the KLG: We’ve already seen clear evidence that the new organisation activities that occur at the individual centre of education.